Avient Corp falls on cutting profit forecast
27/09/2022 13:12
** Shares of specialized polymer materials maker Avient Corp
AVNT.N fall 1.6% to $32.39 premarket
** Company cuts adj EPS forecast for FY 2022 to $2.70 from
$3.50; cuts Q3 adj EPS outlook to $0.58 cents from $0.80
** The Ukraine conflict and related energy supply concerns
have further eroded consumer sentiment and demand in Europe, CEO
Robert Patterson says, adding that the company has not seen a
recovery in Asia from the COVID-19 lockdowns in the first half
of the year
** Rapidly rising interest rates in the United States have
hit demand trends in the Americas - Patterson
** "In the near term, we believe current global demand is
likely further weakened by customer inventory destocking" -
Patterson
** As of last close, company's shares down ~41% YTD
(Reporting by Chavi Mehta in Bengaluru)
((Chavi.Mehta@thomsonreuters.com))